Contemporary Business Economics

Contemporary
Business Economics

Table of Contents
TASK 1............................................................................................................................................3
1.1 Explain the law of demand, as well as travel along the same demand curve (using a
diagram) and demand curve changes (with the aid of diagram)..................................................3
1.2 Explain the law of supply, as well as movement along the same supply curve (using a
graphic) and supply curve changes (with the aid of diagram).....................................................6
TASK 2..........................................................................................................................................10
Compare and contrast new ideas and models in 21st-century economics with those from the
previous century, and link them to current business operations................................................10
REFERENCES..............................................................................................................................13

TASK 1
1.1 Explain the law of demand, as well as travel along the same demand curve (using a diagram)
and demand curve changes (with the aid of diagram)
The amount that a customer pays for a product or service is known as demand. It has been
determined that the idea of demand is determined by the consumer's requirements and
fundamental needs. A little distinction exists between a customer's necessity and desire. Several
economists have weighed in on the desire for stopgap measures (D'Andrea, 2021). According to
customer full stops, typefaces and needs are not the same thing when abortion does not have
enough money to pay for a product bus service, he or she can switch to a substitute product.
When a consumer does not purchase a product and is unable to manage the payment of that
product, the demand is unaffected. There is also a greater knowledge of Dave's unique gorgeous
offices amount paid, which is known as pricing. The most recent total amount spent by the unit
on various services and items (Rajagopal, 2021). It is referred to as the growth of product, which
occurs as a result of a decrease in quantity. It is also believed that as the price of a product falls,
the quantity of that commodity in the market increases. For example, when the price of an onion
is raised, demand drops automatically. When a product is less expensive, people buy it. Several
economists have expressed their opinions on the subject of the link between pricing and quantity.
It may be concluded that price and quantity have an inverse relationship, but then there is the
market. This is referred to as the law of demand (Izoulet, 2021). According to the law of
demand, there are several factors on which demand is a constant component, as well as a link
between price and quantity that I haven't invoiced. This is seen in the graph below –